Regulation

As Diane Coyle argues, think about your mobile phone. They are ubiquitous in Australia and most of the world. They have transformed our lives and the way we do business, but how?

A mandatory EU technical standard enforced in 1987, called GSM, that was adopted globally. By 2004 there were more than a billion subscribers to GSM worldwide which meant there could be mass production leading to lowering prices for handsets.

Another example is the competition between Betamax and VHS video standards and another is the regulation of the finance sector and yet another is the protection of consumers.